M&G鈥檚 infrastructure equity investment arm Infracapital has added a fibre network company in Wales to its existing UK fibre portfolio.
Infracapital said it is investing an undisclosed sum to acquire a controlling stake in Spectrum.
Infracapital鈥檚 investment, which is being made alongside Spectrum鈥檚 management, will with its commercial fibre roll-out plan.
The latest deal adds to Infracapital鈥檚 existing fibre portfolio in the UK which includes Gigaclear, SSE Telecoms, Wightfibre and Fibrus.
Andy Matthews, Head of Greenfield at Infracapital, said: 鈥淪pectrum is an excellent opportunity for us to deliver an essential service to society, in tandem with creating jobs in the region and delivering value to our investors.
鈥漌e see expanding fibre connectivity as a critical component in building a more sustainable and resilient economy, particularly in the context of COVID-19, and we are excited to be playing our part in making this accessible across South Wales鈥�
Giles Phelps, Spectrum founder said: 鈥淚 am delighted that Spectrum has secured the expert backing of Infracapital for our ambitious plan to bring full-fibre broadband to the communities of South Wales. Infracapital鈥檚 financial support, knowledge and experience will allow Spectrum to deliver a high-quality service to thousands of families and businesses, and play a key role in Wales鈥檚 economic recovery, job market and digital transformation at this crucial time.鈥�
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